Let’s give ZEC holders a voice


It’s time for the following step in Zcash governance.

As Zcash governance progressively decentralizes, making a mechanism the place ZEC holders, aka ZODLers, can voice their sentiment on chain is a worthwhile and worthy endeavor.  

ECC will facilitate a non-binding, coin-weighted ZEC holder ballot forward of NU5 activation to collect sentiment concerning the event priorities for Zcash and Chris Burniske’s proposal to amend ZIP 1014. 

The goal of this ballot is to collect opinions from ZEC holders along with sentiment gathered by the ZCAP ballot. The ZCAP is a gaggle of group members whose membership and polling is curated and managed by the Zcash Foundation. This coin-weighted surveying mechanism, stewarded by ECC, will likely be open to anybody that holds ZEC. 

In this put up, we define our reasoning, proposed ballot questions and the right way to get entangled.

The want for ZEC coin holder voice

The Zcash group is widely known for its profitable governance system, as evidenced by seven years of constant and impressive consensus protocol upgrades. 

As Zcash continues to enhance and as adoption expands, mechanisms for partaking the group, significantly coin holders, ought to enhance, as nicely. If we glance past Zcash into the broader crypto ecosystem, on-chain governance mechanisms are rising in reputation and will quickly be the norm.

Currently, our major strategies for figuring out coin holder sentiment are rudimentary: coarse market information, resembling sell-vs-buy strain, on-chain metrics, chain splits and surveying of group members.  Many of those indicators crop up after essential choices are made. 

Collecting group enter is a crucial a part of Zcash governance. In reality, it’s written into the trademark settlement between Zcash Foundation and ECC. In a really perfect world, we might have the ability to collect ZODLers’ sentiment together with different types of group sentiment with a purpose to inform governance choices and even to information product technique and route.

Poll construction

We have the chance to enhance upon an already spectacular Zcash governance mannequin by discovering methods to ballot ZEC coin holders. We received’t provide you with the proper answer in a single day; as a substitute, we must always endeavor to collectively construct and iterate extremely usable and protected instruments for coin-weighted polling. We advocate a crawl, stroll, run method. 

CRAWL PHASE: This fall 2021

  • Launch a coin-holder ballot forward of NU5 activation to collect sentiment round ongoing group discussions associated to PoW, Zcash Shielded Assets and ZIP 1014.
  • The ballot can be an identical in construction to earlier ZEC coin-holder polls, particularly Andrew Miller’s Straw Poll. The ballot can be coin-weighted to 1 coin, 1 vote. In the following week, pending group suggestions, we are going to put up directions for the right way to vote within the ballot.
  • The ballot will run for 5 days beginning on Monday, September twenty seventh and go till Friday, October 1st. This permits ample time to finalize ballot questions and get the phrase out in order that any ZEC holder who desires to take part has the chance to take action.

Previous group discussions have raised essential and bonafide issues associated to Zcash-holder polling. We consider the advantages outweigh potential dangers, and among the finest methods to mitigate these dangers is thru this crawl, stroll, run method.

PROPOSED QUESTIONS

  • What needs to be the primary precedence for Zcash following the activation of NU5?
    • Change in consensus mechanism from proof of labor to a different, resembling proof of stake or a hybrid answer.
    • Programmability on Zcash
    • ZSAs (Zcash shielded belongings)
  • What needs to be the second precedence for Zcash following the activation of NU5?
    • Change in consensus mechanism from proof of labor to a different, resembling proof of stake or a hybrid answer.
    • Programmability on Zcash
    • ZSAs (Zcash shielded belongings)
  • Do you help making amendments to ZIP 1014 based mostly on suggestions of present committee members, particularly Chris Burniske’s solutions?

Later phases of this undertaking may embody a voting hackathon or extra nuanced discussions based mostly on consumer suggestions and engagement. For instance, how may we allow coin-holder voting by custodians in a means that’s protected and bonafide? How may we allow coin-holder voting inside the shielded pool?

Ultimately, ECC envisions a future the place ZEC holders may sign preferences and sentiment immediately from their pockets. We encourage the group to dream large. Could ZEC holders kind a DAO which manages a Dev Fund treasury? Should ZEC holder voting be used to pick Dev Fund recipients or top-level budgets? Could ZEC holder signaling develop into a prerequisite for activating protocol options?

Zcash Needs Your Help

Coin-weighted polling mechanisms have to be a collective endeavor. Not solely will this effort profit from various views, however there’s additionally a deeper want for Zcash governance, operations, and improvement to exist past ECC, ZF and ZOMG. This initiative, to raise the voices of ZEC holders, is a superb place to start out.

To be clear, our perspective is that this ballot needs to be non-binding, simply as ZCAP polls are non-binding.

Here’s the right way to get entangled:

  • Provide suggestions and solutions to this method and the proposed questions within the Zcash discussion board. We will gather group suggestions till Friday, September tenth.
  • Participate within the ballot beginning on Monday, September twenty seventh. Instructions will likely be posted within the Zcash group discussion board.

There’s no time like the current. The sooner the Zcash group begins on this undertaking in earnest, the earlier we are able to establish challenges and dangers within the implementations, work by them, and begin listening to from ZEC holders immediately. 

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